- Latest available (Revised)
- Original (As enacted)
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
11(1)This paragraph applies where the transferee is the successor to an existing bank.E+W+S+N.I.
(2)Subject to sub-paragraph (4) below, the transferee shall be included among the institutions which—
(a)are “banks” for the purposes of section 59 of the M1 Building Societies Act 1962 or section 59 of the M2Building Societies Act (Northern Ireland) 1967 (authorised banks for investment of surplus funds);
(d)are recognised lending institutions or recognised savings institutions for the purposes of the M6 Home Purchase Assistance and Housing Corporation Guarantee Act 1978 or Part IX of the M7Housing (Northern Ireland) Order 1981 (advances by Secretary of State and the Department of the Environment respectively);
and, for the purposes of the said sections 59, shall be treated as having been designated as an authorised bank by order under each of those sections (without prejudice, however, to the power of variation conferred thereby) and similarly for the purposes of the said section 87.
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(4)The transferee shall not be included, or included at any time, among the institutions specified in sub-paragraph (2) above unless the following conditions are satisfied or satisfied at that time, that is to say—
(a)the existing bank must have been so included immediately before the vesting day; and
(b)in the case of the institutions specified in heads (b), (c) and (d) of that sub-paragraph, the transferee must be [F3a deposit-taker].
[F4(4A)“Deposit taker” means—
(a)a person who has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits; or
(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12(1) of that Schedule) to accept deposits or other repayable funds from the public.
(4B)But a person is not a deposit-taker if he has permission to accept deposits only for purpose of carrying on another regulated activity in accordance with that permission.
(4C)Sub-paragraphs (4A) and (4B) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.]
(5)Any authority of an existing bank subsisting under section 51(2) of the M8Government Annuities Act 1929 with regard to contracts under Part II of that Act (trustee savings banks as agents as respects Government annuities) immediately before the vesting day shall become, as from that day, an authority of the same scope (and on the same terms as to allowances) to the bank’s successor as regards any money becoming payable upon or due under such contracts on or after that day.
Modifications etc. (not altering text)
Click 'View More' or select 'More Resources' tab for additional information including: